A Bull is Pulling Santa's Sleigh This Year

Judging from the charts, it is hard to find reasons to run from stocks just yet.

The stock market is doing something now that it has not done in quite some time. It is rallying on economic news, both good and bad. That is the hallmark of a bull market and it does indeed look as if stocks are going to end the year on a continuing up note.

Logic tells us that the value of a company should rise when its prospects for business improve. Extend that to the market as a whole and we get a bull market but for months that has not been the case. Up until last week, good news meant the odds that the Fed would...